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Project Expense Journals (Project Management and accounting > Journals > Expense) meet the needs of businesses to manually record transactions to the project sub-ledger and the general ledger at the same time. However, auto-reversing functionality is not available for this type of entry. Further developing this project entry to allow automatic reversals, similar to auto-reversing general journals, would significantly improve the ability to accrue expenses at the end of periods.

Under US GAAP new revenue recognition standards ASC 606, revenue for long term projects is recognized as a percentage of completion, comparing costs to date to budget. This is calculated by project within the project sub-ledger, and as such we must accrue project expenses at month end for accurate revenue recognition. The only way to do with is through project expense journals. Currently, we must manually create the reversal of these accrual entries. This creates significant manual work and leaves room for error.

Imagine an accounting system that did not have auto-reversing general journals. Very few would consider implementing such a system. This project expense journal is equally as important an entry to many businesses. Please consider further development.
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Comments

D

Absolutely need this functionality in the PMA subledger

Category: Project Resource Management